Maxing out your 401(k) is already a challenging feat, and it's about to get even more difficult next year, as limits rise to $22,500 for adults under 50 in 2023. Adults 50 and older will be able to contribute a whopping $30,000.

But that's a lot of money to lock away, possibly for decades. Is maxing out your 401(k) next year actually a good idea? Here's a look at the pros and cons to help you decide.

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Source Fool.com